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What’s new: In brief (December 08, 2004)

December 8, 2004 by Canadian Underwriter

The Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides

News Insurance

What’s new: In brief (December 07, 2004)

December 7, 2004 by Canadian Underwriter

The Council of Insurance Agents & Brokers (CIAB) has added its endorsement to the draft model regulations around broker compensation proposed by the National Association of Insurance Commissioners (NAIC). The CIAB says, however, it wants to see uniform regulations in

News Climate ChangeInsurance

Second WTC trial declares 9/11 attacks two events

December 7, 2004 by Canadian Underwriter

Despite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which

News Insurance

A&E reserve shortfall at US$38 billion in U.S.: A.M. Best

December 6, 2004 by Canadian Underwriter

U.S. insurers currently have a US$38 billion shortfall in funding for asbestos & environmental (A&E) liabilities, according to a new report by A.M. Best.A surprising amount of this, US$24 billion, relates to environmental liabilities, with US$14 billion related to asbestos.

News InsuranceMergers and Aqcuisitions

What’s new: In brief (December 05, 2004)

December 5, 2004 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has order two Toronto paralegals operating as “Castro and Associates” to cease and desist holding themselves out as paralegals. The interim order requires Carlos Castro, Manuel Castro and any of their representatives to

News Insurance

Insurers still “playing catch-up” on capital management: KPMG

December 5, 2004 by Canadian Underwriter

Insurers still have a way to go to catch up with their banking and investment industries in effectively managing capital, according to a new survey by KPMG.The “Risk and Capital Management” survey of insurers worldwide finds their responses reflect the

News Insurance

2004 securities litigation cases already topping 2003

November 25, 2004 by Canadian Underwriter

With the third quarter of 2004 presenting a record 69 new securities litigation cases being filed in the U.S., this year’s total number of cases has already reached the level achieved in all of 2003.According to PriceWaterhouse Coopers LLP, in

News Insurance

Credit derivatives popular but facing liquidity challenge: Fitch

November 24, 2004 by Canadian Underwriter

The market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003,

News Insurance

U.S. study finds not-for-profits more focused on corporate governance

November 23, 2004 by Canadian Underwriter

A study of U.S. not-for profit organizations finds them more focused on corporate governance issues, but still lacking in some key governance areas.The survey of 700 organizations, conducted by accounting firm Grant Thornton International, revealed awareness of the Sarbanes-Oxley Act

News Insurance

New MGA built on need for better corporate governance

November 22, 2004 by Canadian Underwriter

Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up

News Insurance

Survey finds widespread risk manager discontent

November 18, 2004 by Canadian Underwriter

Risk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency

News Insurance

U.S. insurers battle back against Spitzer claims

November 17, 2004 by Canadian Underwriter

U.S. insurers had their chance to refute claims of widespread industry deception about their relationships with brokers when Property & Casualty Insurers Association of America (PCI) CEO Ernie Csiszar spoke before a Senate subcommittee this week.Csiszar’s comments came the same